Commentary & Deal Flow

Nestle Capital Corp (NESNVX) exp Aa3/AA- (s/n) US$2bn 144A/Reg S no reg rights 3-part sr notes (5y FXD due 3/18/31, 7y FXD due 3/18/33 and 10y FXD due 3/18/36). MWC then 1mo parr call on 5y (2/18/31), 2mos on 7y (1/18/33) and 3mos on 10y (12/18/35). BofA (B&D on 7y)/Citi/HSBC/JPM (B&D on 10y)/RBC (B&D on 5y) joint active books. Guarantor: Nestle SA. Denoms: 150,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: gcp. Netroadshow: www.netroadshow.com/nrs/home/#!/?show=2d0e1d3a (Recommended) OR visit www.netroadshow.com and enter the entry code: Nestle2026 (not case-sensitive). Pricing 3/11. Settle 3/18 (T+5).

IPTs: 5y T+70 area, 7y T+80 area, 10y T+90 area.

GUIDANCE: 5y T+45#, 7y T+55#, 10y T+63#.
LAUNCHED: $750m 5y at T+45, $500m 7y at T+55, $750m 10y at T+63.

PRICED:
$750m 4.20% 3/18/31 99.875 4.228% T+45. MW+10.
$500m 4.50% 3/18/33 99.822 4.530% T+55. MW+10.
$750m 4.80% 3/18/36 99.733 4.834% T+63. MW+10.

OTHER: